American Apparel Files for Bankruptcy Protection

After months of speculation, American Apparel filed for Chapter 11 in a Delaware bankruptcy court on Monday.

The struggling Los Angeles-based clothing chain—which has not made a profit since 2009—said in a statement that its retail stores (both stateside and overseas), wholesale and U.S. manufacturing operations would continue to operate as normal under a restructuring deal reached with 95 percent of its secured lenders.